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Tuesday 20th of April 2010

News Tag: cash

April 14, 2010

Cash payments to dwindle in next five years

by Kay Murchie
The UK Payments Council has revealed that by 2015, cash payments will be used for fewer than half of all transactions. A 23-page report titled ‘The Way We Pay 2010’ by the Council found that card payments and cheque usage is rapidly declining, claiming "cash is king no more". The report found that more than three-quarters of cash transactions made ...

April 12, 2010

Nationwide imposes small cash counter withdrawal ban

by Kay Murchie
From 7 June, Nationwide Building Society will attempt to reduce its queues by making customers with cash cards withdrawing less than £100 to use the branch cash machine. The Nationwide said the change is essential and the move is aimed at speeding up transactions and freeing up staff time to deal with other transactions. The building society said the move will ...

March 17, 2010

Fears for elderly hoarding cash when cheques phased out

by Kay Murchie
Consumers groups have expressed concern for the elderly if cheques are abolished, suggesting that it will result in them hoarding cash at home. Appearing before the Treasury Select Committee, Jane Vass, of Age Concern and Help the Aged, warned that there could be a security issue if cheques were to be scrapped. "This would encourage people to return to ...

November 23, 2009

WHSmith walks away from Borders deal

by Kay Murchie
WHSmith has abandoned talks with bookshop chain Borders, which is set to see Borders UK enter administration unless a sale is imminent. Borders is understood to not have sufficient cash to see it through to Christmas as it has suffered amid increased competition from supermarkets and online retailers, such as Amazon. As a result, the chain has been in talks with ...

November 4, 2009

Bank of Ireland posts losses of almost €1bn

by Kay Murchie
Bank of Ireland has today reported a pre-tax loss of €979 million for the six months to the end of September, compared to a profit of €647 million in the same period a year ago. The bank described the last six months as "difficult" and said it was very cautious about future economic prospects, adding that there were "some indications ...

October 26, 2009

Tories call for end to cash bonuses

by Kay Murchie
In a speech to the City today, Shadow Chancellor George Osborne is expected to announce that retail banks should be stopped from paying cash bonuses of more than £2,000. Many experts have been arguing that big bonuses prompted excessive risk-taking at banks which contributed to the financial crisis. In his speech, Mr Osborne is expected to say lending banks should be ...

October 14, 2009

Equity release sales up 19% in Q3

by Kay Murchie
Equity release sales up 19% in Q3
The latest Equity Release Market Monitor from Key Retirement Solutions (KRS) has revealed a rise in equity release take-up in the July to September period. Equity release sales were up 19% during the period compared to the April to June period, said KRS. Equity release allows homeowners to release cash from the value of their property - the trend became very popular ...

August 20, 2009

BoE Governor outvoted over QE plan

by Kay Murchie
Minutes of the Bank of England’s August meeting have been released and revealed that the Bank of England’s Governor, Mervyn King, wanted to inject more cash into the economy but was outvoted by fellow policymakers. Quantitative easing (QE) also known as printing money, is a process whereby the Treasury injects funds into the financial system to ease pressure on banks by giving ...

August 4, 2009

Mortgage holders have 11% more spare cash

by David Masters
Mortgage holders have 11% more spare cash
Homeowners with a mortgage have seen their spending power rise by more than one tenth in the past year, Halifax revealed this week. Mortgage holders now have more money left over after buying the essentials than they have done for years. Since March 2008, the average household with a mortgage has seen their discretionary income increase 11% from £892 to £989, Halifax ...

May 22, 2009

Brits fear cashless nightmare without fun fairs, markets or pocket money

by David Masters
Imagine a world without fun fairs, morning newspapers, local markets, community fundraising events, or greasy spoon cafés. These are the things Brits would miss most if the UK became a cashless society, according to a new study published this week. It's not just buying candyfloss and riding the dodgems in the local park that Brits would mourn. They'd ...

March 30, 2009

Investors choose property as cash becomes a ‘liability’

by David Masters
Investors choose property as cash becomes a 'liability'
Brits would rather invest money in property or stocks and shares than keep it as cash, despite 12 months of falling house prices and a volatile stock market. Research by the Motley Fool found that 30% of UK adults would invest a £50,000 windfall in property. A quarter (26%) would choose shares, whilst 17% would opt for bonds. Fifteen percent said gold ...

March 23, 2009

Cash the preferred medium for consumers in times of recession

by Peter Charalambous
 Cash the preferred medium for consumers in times of recession
According to the latest data published by the British Retail Consortium (BRC) cash is being used by UK consumers in 56 percent of all transactions and it seen as the most popular form of payment as well as being the most cost effective for retailers. Despite the continued impression that banks have created, the BRC’s Annual Cost ...

January 27, 2009

Payday loans deemed most expensive forms of loan

by Kay Murchie
Research from price comparison service, uSwitch.com, has found that while Payday loans may offer quick and easy cash, they are one of the most expensive forms of loans in the UK, with some APRs of up to 9889.3%. According to uSwitch.com, a consumer taking out a payday loan of £750 could end up owing £1,687.50 if they defer repayments for ...

January 16, 2009

Bank of America receive $20bn cash injection

by Kay Murchie
Emergency funding of $20 billion (£13.4 billion) has been provided to Bank of America after it shares plummeted 17.5% yesterday amid speculation that the bank might be nationalised. In return for the cash injection, the bank must adhere to strict restrictions on senior management pay. Bank of America has been one of the strongest in the US, until it ...

December 1, 2008

London Scottish Bank forced into administration

by Kay Murchie
London Scottish Bank (LSB) has been forced into administration after it was revealed that it did not have sufficient cash in order to continue trading. As a result the Financial Services Authority stepped in to prevent it taking any further deposits. LSB, which specialises in customers with poor credit histories, had been looking for a buyer, however, it is unclear whether a ...

November 24, 2008

Citigroup receives $20bn injection of cash

by Kay Murchie
US banking giant Citigroup is to receive $20 billion (£13.3 billion) from the US Treasury in return for preferred shares in the struggling bank. The rescue package follows a weekend of crisis talks with the bank, the Treasury department, the US Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). In a statement, the US Treasury, the Federal Reserve and the ...

April 21, 2008

Shoppers using cash instead of plastic

by Kay Murchie
A study by the British Retail Consortium (BRC) has established that a growing number of shoppers are using cash to pay for their purchases instead of credit cards. The BRC said their survey showed a reluctance by people trying to control their finances to spend money they did not have and added that cash was alive and thriving. The organisation carried out a ...